Over the weekend, the cryptocurrency market experienced a significant liquidation event, witnessing nearly $500 million in losses in the past 24 hours, as per data from Coinglass.
This occurrence followed the recent price movement of Bitcoin [BTC]. The primary cryptocurrency reached an unprecedented high of above $99,500 last week before plummeting to as low as $96,000 on November 24th. The sudden drop, combined with market fluctuations, triggered extensive liquidations that left traders in a state of shock.
Despite many top analysts predicting an 81% chance of BTC hitting $100,000, the weekend concluded without the anticipated breakthrough due to bearish pressure.
Exploring Liquidations in the Crypto Market Meltdown
An in-depth analysis by CryptoCrypto on Coinglass data unveiled that 188,666 traders faced liquidations over the past 24 hours, resulting in total losses of $495.74 million.
Long positions suffered the most significant losses, totaling $366.72 million, while short positions contributed $128.99 million to the overall losses.
The largest single liquidation occurred on Binance, involving a BTC/USDT trade that led to a massive loss of $13.4 million.
Binance led the pack in total liquidations, clearing a substantial $215.90 million. Other major exchanges followed suit, including OKX with $119.57 million, Bybit at $115.61 million, and HTX, which recorded liquidations worth $27.84 million.
Most Affected Cryptocurrencies
Among cryptocurrencies, Bitcoin witnessed the most significant liquidations with $79.06 million wiped out, followed by Ethereum [ETH] at $43.57 million.
Other coins in the top five impacted by liquidations were Dogecoin [DOGE], Ripple [XRP], and Sandbox [SAND], with losses of $32.3 million, $30.6 million, and $24.97 million, respectively.
Interestingly, SAND and Bonk [BONK] saw more short liquidations than long positions, deviating from the general trend of long-liquidation dominance.
Depreciation in Crypto Market Capitalization
With all top 10 coins experiencing declines, the global cryptocurrency market cap decreased to $3.35 trillion, marking a 0.74% drop in the past 24 hours as reported by CoinMarketCap.
At present, BTC is trading at $97,876, reflecting a 0.43% decrease in a day. During the same period, it recorded a trading volume of $53.5 billion and maintained a market cap of $1.9 trillion.
Among the top 10 cryptocurrencies, DOGE suffered the most significant loss, plummeting by 3.50% to trade at $0.422.
Sectors Resilient to Market Trends
While the overall market struggled, specific sectors demonstrated resilience. According to CoinGecko, the Gaming Finance (GameFi) market cap surged to $24.4 billion, marking a 10% increase over the last day.
Similarly, the Decentralized Science (DeSci) market cap grew by 6.3% to $1.22 billion. The Metaverse sector also experienced notable growth, with a 14% rise pushing its market cap to $14.6 billion. Additionally, Play-to-Earn (P2E) tokens gained momentum, with their market cap increasing by 17.4% to $14.4 billion.
Amid heightened volatility, the crypto community eagerly awaits to see if Bitcoin can regain its upward trajectory and surpass the elusive $100,000 milestone.